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Bid News Sees Iberdrola Rating Cut To 'A', Still On Watch Neg; Scottish Power Put On Watch Neg Dec 06
Standard & Poors, Dec 2006
Abstract
MADRID (Standard & Poor's) Dec. 1, 2006, Standard & Poor's Ratings Services said today that, following news of Spanish utility Iberdrola S.A.'s recommended -17.1 billion cash and share offer to acquire U.K.-based electricity and gas group Scottish Power, it has lowered its long-term corporate credit rating to 'A' from 'A+' on Iberdrola. The 'A-1' short-term corporate credit rating on the company is unchanged. All ratings on Iberdrola remain on CreditWatch with negative implications, where they were placed on Sept. 6, 2005. At the same time, Standard & Poor's placed its 'A-' long-term corporate credit rating on Scottish Power PLC and its subsidiaries Scottish Power U.K. PLC and Scottish Power Finance U.S. on CreditWatch with negative implications. The 'A-2' short-term corporate...
Companies mentioned in this report are: Iberdrola S.A.,Endesa S.A.,Scottish Power U.K. PLC,Gas Natural SDG S.A.,Scottish Power Ltd.,Scottish Power Finance U.S.
Action: Downgraded
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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